DailyPay Visa Prepaid Card launches savings feature image credit shutterstock

Worktech platform, DailyPay, is launching a savings feature to its newly branded DailyPay Visa prepaid card. The facility will provide users with an opportunity to create savings goals and set aside money as they earn it.

DailyPay Visa Card is a general-purpose reloadable card that allows DailyPay users instant earned wage access for no fee if they update their direct deposit to the card.

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According to the Federal Reserve, about 19% of Americans are considered to be ‘unbanked’ or underbanked. This is defined as those who have a bank account but also use alternative financial services such as payday loans, money orders, or cheque cashing.

The DailyPay Visa Card was designed with flexibility in mind, offering the benefits of banking without hidden fees, no minimum balance requirement, and no maintenance fees.

The new savings feature marks the first savings product attached specifically to the newly branded DailyPay Visa Card.

It was created to address one of the top user needs — building an emergency fund for unexpected expenses.

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Research shows that about 2 in 3 (65%) Americans are living paycheck to paycheck, with little or no money to adequately save for the future or cover an untimely expense. Users can take their DailyPay Card and continue to access it and its banking features even if they no longer work for a company offering DailyPay.

“We are committed to continually innovating our products to meet the needs of our users,” said Jack Rubin, SVP of Consumer Financial Solutions at DailyPay. “Saving money can be challenging. But establishing a savings habit is a key step in progressing from financial crisis to stability and beyond.”

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